The Duke and Duchess of Sussex have to bear $4.4 Million for meeting the running expense of their Santa Barbara Mansion. It’s a hefty amount to meet the running cost of a nine-bedroom and 16-bathroom mansion. The Royal couple purchased the 5.4 acres of land from a Russian businessman for $14.65 Million. The mansion is situated in upscale Montecito. However, Meghan and Prince Harry would have to pay $4.4 million yearly for running it. You might be wondering why the new property is so much expensive? The couple paid more than $5.2million as a down-payment. The interest rates of Bank of America varies, but Meghan and Prince Harry would have to pay $40,000 a month or $480,000 a year to clear the mortgage over thirty years.Image Credit: InStyle
Prince Harry and Meghan have to pay $68,000 per year as property tax. It is estimated that a property that costs $14 Million in Montecito, California is liable to pay $68,000 tax per year. The tax is calculated on the purchase price, but other factors influence the tax. The luxurious home was built in 2003, and it has sweeping lawns, and there are children’s cottage, and a pool. Santa Barbara is home to many celebrities. The house is on a private and exclusive road. The average cost to meet the expenses of the staff would be $300,000 per year. They haven’t mentioned yet, the type of staff they will hire. However, they would have to take gardeners, cook, housekeepers on-board, and undoubtedly, it will be a hefty bill.
Earlier this year, in February, it was revealed that Meghan and Prince Harry are going to leave their British Royal Status and moving to the United States. They purchased a house in Santa Barbara for $14.65 Million by paying off the down payment of $5.2 Million and still owes rest of the payment. The royal couple have to pay rest of the amount over the span of thirty years. Moreover, they bought the home but still have to pay $3.1million for the renovation of Frogmore Cottage, which was their British residence near Windsor Castle. However, Meghan and Prince Harry Could Have To Bear $4.4 million For Running Santa Barbara Mansion, which is undoubtedly a hefty amount.